Mergers and acquisitions transactions have a particular importance from a competition law perspective, as they may result in changes to the control structure of undertakings and have a direct impact on competitive conditions in the market. Accordingly, transactions that exceed certain turnover thresholds and lead to a permanent change of control are subject to the approval of the Competition Board pursuant to Law No. 4054 on the Protection of Competition.
In this respect, since 2013, the Turkish Competition Authority has been publishing the Mergers and Acquisitions Outlook Report on a regular basis in order to summarize mergers and acquisitions subject to the approval of the Competition Board during the relevant calendar year, presenting together key indicators regarding the number and value of transactions reviewed in the relevant year, the profile of foreign investors, sectoral distribution, and the administrative review process. The 2025 Mergers and Acquisitions Outlook Report (the “Report”) was published on 7 January 2026.
Distribution by Origin of the Transaction Parties
According to the Report, the Turkish Competition Authority reviewed 416 transactions in 2025. Based on the origin of the transaction parties, the Report indicated that:
- 95 mergers and acquisitions Transactions, with a total transaction value of 166.384 billion Turkish liras (USD 4.21 billion), involved only Turkish companies;
- 219 mergers and acquisitions Transactions, amounting to 18.857 trillion Turkish liras (USD 477.69 billion), involved only foreign companies; and
- 74 mergers and acquisitions Transactions, with a total value of 323.978 billion Turkish liras (USD 8.21 billion), involved both Turkish and foreign companies.
A total of 28 transactions, consisting of privatizations and transactions excluded from the scope, were not included in this classification based on the origin of the parties. Based on this distribution, while the aggregate value of all transactions reviewed amounts to approximately 19 trillion 347 billion Turkish liras (USD 490.11 billion), 18 trillion 857 billion Turkish liras (USD 477.69 billion) —corresponding to approximately 97.5% of this amount— derives from transactions in which all parties are foreign companies.
Significant Increase in Transaction Number and Value
The Report also reveals an increase in both the number and the value of mergers and acquisitions. In this regard, the total number of transactions reviewed by the Competition Authority in 2025 was recorded as 416, indicating a substantial increase compared to 311 transactions in 2024. The Report further emphasizes that the average number of transactions in the 2013–2025 period was 241, and that 2025 marked the highest annual transaction count in the last thirteen years.
In terms of transaction volume, the increase is even more pronounced. In transactions concerning target companies incorporated in Türkiye (excluding privatizations), the total transaction value notified in 2025 for 162 transactions was determined as 466 billion 113 million Turkish liras (USD 11.81 billion). Compared to the total transaction value of approximately 191.9 billion Turkish liras recorded in 2024, the transaction volume in 2025 increased by approximately 2.5 times in Turkish lira terms, reaching the highest annual transaction value during the period covered by the Report.
The total value of the 19 privatization transactions reviewed during the same period is calculated at approximately 108 billion 45 million Turkish liras (USD 2.74 billion). When these transactions are also taken into account, the aggregate transaction value envisaged for 181 transactions concerning Türkiye-origin companies in 2025 reaches approximately 574 billion and 159 million Turkish liras (USD 14.54 billion).
The Report also includes data regarding the administrative review process. Accordingly, in 2025, the Competition Authority concluded its assessments on average within 10 days from the final notification date. Of the two transactions that were taken into Phase II review during the year, one was cleared subject to the commitments submitted by the parties, while the review process for the other transaction remains ongoing.
Transactions Involving Foreign Investors
The data set out in the Report indicates that foreign investors’ interest in target companies incorporated in Türkiye increased markedly in 2025, both in terms of the number of transactions and transaction value. While foreign investors targeted companies established in Türkiye in 47 transactions in 2024, this figure rose to 55 transactions in 2025. The increase is even more notable in terms of transaction value. In 2025, the total projected investment amount reached 277 billion 462 million Turkish liras (USD 7.03 billion), whereas in 2024 this amount stood at approximately 99 billion Turkish liras (USD 3.03 billion).
With respect to the country distribution of foreign investors targeting companies incorporated in Türkiye, Germany ranked first in 2025 with 9 transactions involving Turkish target companies, followed by France with 6 transactions.
Leading Sectors by Transaction Number and Value
Of the total 274 transactions reviewed in 2025 involving Turkish and foreign-origin companies, a significant concentration was observed in certain sectors. The prominent areas included: (i) publishing of software, (ii) computer programming, (iii) consultancy and related activities, (iv) motion picture, video and television program activities, (v) activities of monetary intermediation institutions, and (vi) manufacture of basic chemicals, chemical fertilizers and nitrogen compounds, plastics in primary forms and synthetic rubber.
Overall, among transactions where the target company was incorporated in Türkiye, the highest number of transactions was recorded in the field of “computer programming, consultancy and related activities,” with 25 transactions. Although the number of transactions in the “activities of monetary intermediation institutions” sector remained relatively limited, this sector accounted for the highest overall transaction value.
Impact of Privatizations on Total Transaction Volume
According to the Report, the total value of the 19 privatization transactions concluded in 2025 amounted to 108 billion 45 million Turkish liras (USD 2.74 billion). These privatization transactions accounted for approximately 19% of all transactions involving Turkish targets in 2025. Among the privatization transactions completed in 2025, the highest transaction value was recorded in the field of “generation, transmission and distribution of electricity,” amounting to 54 billion 630 million Turkish liras.